South East Asian Headlines & Breaking News

Bids called for divestiture of SriLankan Airlines

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The government has called for bids for the divestiture of the debt-ridden national carrier SriLankan Airlines, Minister of Ports, Shipping & Aviation says.

As such, Invitations to Tenders (ITTs) have been published using local and foreign media and websites, according to Minister Nimal Siripala De Silva.

The divestiture is planned to be completed through a two-stage competitive bidding process; namely RFQ (Request for Qualification) and RFP (Request for Proposals for the Proposed Transaction).

Last month, Minister De Silva, joining Ada Derana’s “State of the Nation” program, addressed the reports alleging that the government is planning to sell off the national carrier by the end of 2024. Denying the claims, the Aviation Minister reiterated that the government intends to retain 51% of SriLankan Airlines’ shares and divest the remaining 49%.

He had mentioned that running the national carrier as a joint venture is the solution as SriLankan is in debt. The airline’s total debt amounts to USD 1.2 billion.

Founded in 1979, SriLankan Airlines operated with a fleet of 24 Airbus A320 and A330 aircraft and has a route network of 126 destinations in 61 countries.

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